Earlier this year, we shared that One Washington Financial had made a strategic investment in Duome and is leading the formation of our CUSO. Today we are pleased to share that New Orleans Firemen's Federal Credit Union has made a capital investment in Duome.
This is not a passive investor. New Orleans Firemen’s Federal was founded in 1934 by New Orleans firefighters and is the second oldest federally chartered credit union in the country. For nearly a century, it has focused on helping ensure that working families are not shut out of the financial system, and it made housing affordability a priority long before Duome came along. Its members are exactly the people Duome was built for, and this investment brings our model to Louisiana.
“Investing in Duome is a step toward opening a door that has been closing for the very people who keep our communities safe, and we’re proud to take it,” said Judy DeLucca, President of New Orleans Firemen’s Federal Credit Union.
Louisiana shows that the struggle to own a home is about more than soaring prices. Home values in New Orleans sit below the national average, yet homeowners there are among the most housing-burdened in the country, as insurance, utilities, and other ownership costs have outpaced incomes. For many families, the barrier is not only the home's price but the ability to carry the full cost of owning it, and reducing the highest cost of ownership helps families to comfortably afford the costs. By joining One Washington Financial in our ownership group, New Orleans Firemen’s Federal helps show that credit unions can work together to address this challenge, and that the need extends well beyond any single market.
“New Orleans Firemen's Federal didn't just see what Duome is; they saw what it could mean for their members," said Miriam Ackerman, co-Founder of Duome. "Ninety years of serving working families will do that, and we're proud to be building with them."
We are grateful to the team at New Orleans Firemen’s Federal Credit Union for their trust and partnership.
We'll have more to share soon. In the meantime, if you'd like to learn more or explore ways to be involved, we'd love to connect.
About MN Cup MN Cup is the largest statewide startup competition in Minnesota, run through the University of Minnesota's Carlson School of Management. Since 2005, MN Cup has awarded more than $5 million in prizes and supported thousands of emerging entrepreneurs through mentorship, programming, and community. Learn more at carlsonschool.umn.edu/mn-cup.
About Duome Duome (Doo' ohm) is a CUSO built to help credit unions close the housing affordability gap through shared ownership co-investment. Duome co-invests alongside homebuyers as tenants-in-common, reducing monthly mortgage burden for creditworthy buyers while enabling credit unions to grow funded loan volume and deepen member relationships. Duome is headquartered in Minneapolis, Minnesota.